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Re: Economic News/Discussion

About 47 percent will pay no federal income taxes at all for 2009. ...

In 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center.

It'll be interesting to see numbers from 2010 and 11.

It would also be interesting to see how many people have intentionally gone Galt on the entire mess or have done so to hide (illegals, sex offenders, felons, etc.). Add it all up and you'd have an honest number. Probably well over 50%.

Re: Economic News/Discussion

Re: Economic News/Discussion

Originally Posted by Enmore

Thus spake Peter Schiff

Great outfit!

"We say in our platform that we believe that the right to coin money and issue money is a function of government....

Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business."
William Jennings Bryan.

Re: Economic News/Discussion

Originally Posted by Enmore

Thus spake Peter Schiff

^^^ "The minute we can't borrow any more money.. we're not paying back any of the money we've already borrowed"

"The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
Only people pay taxes, and people pay as consumers every tax that is assessed against a business."

"We say in our platform that we believe that the right to coin money and issue money is a function of government....

Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson rather than with them, and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business."
William Jennings Bryan.

Re: Economic News/Discussion

It's a bit different for the US...
When you owe the bank $100,000 they own you..
When you owe the bank $14,500,000,000,000, you own them..

"The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us...
Only people pay taxes, and people pay as consumers every tax that is assessed against a business."

Re: Economic News/Discussion

It's a bit different for the US...
When you owe the bank $100,000 they own you..
When you owe the bank $14,500,000,000,000, you own them..

Well yeah... and then they tell ya which junk you have to back for them and then... they tall ya they're gonna lower your credit rating.

Hey, I don't understand much of this mega-money stuff, in spite of trying real hard to get it. Heck, I even watch Peter Schiff videos on dial-up. I have this million barrier. Up to about a million of anything... I get it. More than a million... well, that's Carl Sagan territory.

My sister is a Montessori teacher and they do these types of exercises with the kids at around age 2 to give them the proper perspective on just how big and how small things really are. It gets even cooler when you get into the 0.1, 0.01, 0.001, 0.0001, etc.

I still think the coolest think I ever learned was that there are 602214000000000000000000 molecules in a gram of water. For those keeping score, that's about twice as many molecules in the water as we have dollars in debt

Re: Economic News/Discussion

Originally Posted by Dutchcedar

Dammit, Keven... I thought I understood a million bucks.

I would've sworn it was bigger than this:

Thanks.

For poppin' my bubble.

I remember Elton John saying that when he first made it big he asked to see what a million pounds looked like. He was surprised and a little disappointed that they were able to bring it to him in just an attache case.